The price of Bitcoin has been steadily on the uptick for the past few days. Although it has been circling around the $8,700 line for a long time, that trend now appears to be broken. Instead, Bitcoin shot up past the $9,000 line and this has analysts excited.
Bitcoin briefly passes $9,000
Earlier today, January 17th, saw Bitcoin surge past the psychologically important $9,000 barrier. This meant that the premier cryptocurrency broke through the price range equilibrium and technical resistant it has been trading under for many days.
Since reaching a price of $9,000, however, the price of Bitcoin has once again fallen below $9,000. Reportedly, a large selling pressure began building once this level was reached, which made the cryptocurrency’s sink to consolidate the price increases.
Nevertheless, the brief blip above $9,000 has been enough to get analysts excited. Although the Bitcoin price, at the time of writing, is roughly $8,900, this upward motion has been enough to set “positive precedent” for a bullish market trend.
In fact, one analyst said that a 30% rally to prices around $11,500 may be next. Additionally, these bullish effects will also spill over on the rest of the cryptocurrency industry. As anyone familiar with it will know, Bitcoin price increases invariably tend to lead to gains for other coins as well.
Crypto bull run 2020?
Moreover, analysts are also touting one important theory: that if another Bitcoin price rally is about to commence, it may end up being very different this time. Specifically, such a rally would come in 2020 – when the crypto market is vastly more mature than the last massive bull run in late 2017.
According to the Bitcoin influencer and educator Jimmy Song, markets have also learned some of the past mistakes in the bull runs of 2013 and 2017. Consequently, there is potential for a 2020 crypto bull run to be more persistent than any that has come before.
In a short tweet sent earlier today, Song also comments that the retail market will also behave differently in a new potential crypto bull run. In the tweet, Song hints that market actors will likely have learned from previously failed trading strategies, and instead adopt more successful ones.
“The next round of retail will behave differently than the last round of retail. There are too many “I got burned” stories from the last go-around.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.